Gmac problems!

[flproblem34]

I need some advice and quick!

Here is my story:

We purchased our home in FL in 2006 for 389,000. USAA hold our first mortgage (6.375%) which is serviced by GMAC for 311,000. USAA holds our second mortgage(8%) for 35,000. We put down 43,000 at closing. We bought our home at the peak time, it was brand new. We did an 80/10 loan. Today the home is valued at approximatly 245,000. A similar home is on the market for 215,000 and is a tad larger, if that home sells, it will reduce our home dramatically! Our first mortgage payment is 1645.00 and our second is 326.00. We do not have escrow.

I called GMAC in March regarding a loan modification. This was before Obamas plan came out. I faxed over all of the information on 3/16. I recieved a few automated calls stating I would get a phone call within 5 days. I never did. I would follow up and they would simply tell me it was under review. I called after Obamas plan went into effect and they told me I needed to fax in the new package that had the MHAP information in it and they are looking over that plan first to qualify for those modifications. I was told that my loan is held by Fannie Mae. I faxed that over on 4/14/2009.

On 4/17 I recieved a letter from USAA telling me that my account was now an escrow account and as of June 1 my payment would be 2269.00 due to an escrow shortage, etc. I freaked. I called and explained to customer care that I do not want an escrow, etc. He said it was probably an oversight and I needed to fax over my reciept for my property taxes and insurance. I faxed it over the very next day. I called to follow up and was told that it was the lost mitigation department that put the escrow on the account, due to being a part of the Obama package. I called loss mitigation and they explained that I was not eligible for the Obama plan because of the 31% rule. I explained that I am above the 31% if they factor in all of my expenses for the home, property taxes, insurance and homeowners fees, etc. They said they closed the case and I would have to start all over. I FREAKED! I finally spoke to a team lead named Tiffany, she could care less and explained that she would email an analyst and see if they could re open it. I found out that they had already made payments to my homeowners insurance ( which is held by USAA) and now if I want the escrow removed, I have to pay that back to GMAC mortgage. Its a mess!!! If I wasnt approved, why would they add the escrow and want 624.00 more dollars from me when I am hanging on to pay my payment now.

My last payment was due on 4/1. I have not made it yet and as of 5/1 I will be 30 days late. They told me that they do not report to the credit bureaus now since I am in a modification process. I dont know if I trust that.

They stated that if I was not eligible for the loan modification through Obamas plan, they will consider my loan for a traditional modification with them. I have a 7 year arm that is due in 5 years. I will not be able to refinance in 5 years as I am sure my equity will not be even close to 20% needed.

My questions are:

What are my chances of GMAC modifiying my loan to a fixed rate and adding the past due to the end of the loan?

Should I try to make my payments or will they not even consider it if I am "current". I am simply hanging on by a string with this.

Is there anyone else I should try contacting? Should I start anything on my second mortgage?

Does filing bankruptcy help with loan modifications?

I am lost as I seem to not be able to get in touch with anyone that really cares, they all just tell me that its under review and want to get me off of the phone!

Sorry this was so long, but I am so confused as to how to go forward!

Thanks!

[gretnaj]

Have you calling the H4H hotline?
I have a 2nd with GMAC/DITECH and they are the WORST people to deal with.
Have you seen the latest programs they announced yesterday about 2nd mortgages?
Look under thread second mortgages & Obama

[flproblem34]

Thank you so much! What is the H4H hotline? Do you have the number? Do you think I should call USAA about my second? Have you had any luck with GMAC? I just dont know if I should pay my mortgage or let it go "past due" so they will realize that I have a problem and be more willing to help!

[gretnaj]

This program was just announced yesterday so I am unsure if servicers are aware or want to be aware. GMAC has been horrible their employees are rude & don't care.
I am not late but had called wells yesterday (has my 1st) and they were very nice & would be willing to work with me. I called ditech(gmac) with questions about their financial analysis PDF form they post on their website and the girl I talked to said that the form was not for 2nds and they wouldn't do anything for me...I asked if she had heard of this new plan & she said they wouldn't participate in something like that. I guess in a nutshell they are worthless. I am hoping with this new plan I will be able to work with Wells and they will have to work in tandem with ditech so I don't have to.
I wonder the same with the past due thing. I am not but my first check with my paycut is tomorrow. I tried to be proactive but ditech doesn't care. They told me to contact wells....wells interest rate is 7.1 and ditech is 13.5. It is the payment on the 13.5 that is the issue...Don't give up hope there are many of us in the same situation. I begin to wonder if an entire neighborhood stop making their payment what the banks would do?
The number to hope now is 888-995-hope. Their website is HOPE NOW - Support and Guidance for Homeowners. They are counselors that will work with you to avoid foreclosure.

[flproblem34]

Thank you again. I agree that GMAC is terrible and unfortunatly they are my 1st, USAA is much better and they hold my second. I called them today and they have not heard of the new plan, but were willing to let me skip two months of payments and my next payment would autodraft on 7/1. I was shocked. I looked online and they updated the account for the next payment not being due until 7/1. He said that should give them time to get the new plan in the system. Does the Hope now work with GMAC? I looked into Hope for homeowners online and they had a list of lenders that participate and GMAC wasnt listed.
Do you have any contact information for someone other that the silly reps that answer the phone at GMAC.
I am so frustrated that I cannot get simple answers.

[gretnaj]

I just looked and GMAC is listed as a participant in the drop down box. If you select it you are redirected to GMAC's homepage. The home page contains a link to a financial analysis form with instructions to fill it out and fax it to the number specified on the coversheet. The only number listed is the one for the customer svc line. I believe if you do a search on here for GMAC there are alternate phone numbers listed.

[flproblem34]

Thanks, I found that info. I already have the package and sent it in weeks ago. Getting someone to answer a question at GMAC is nearly impossible. I have no idea where my modification stands as of today, or if they even have one open for me.

[gretnaj]

If nothing else call that HOPE now hotline number and see if they are able to assist.